The study didn't account for costs of marketing, packaging or research and development. But, as Quartz has pointed out, the cost figures are surprising given the "underwhelming" iPhone 7 — a device widely seen as a space-filler before the iPhone 8.

While the iPhone 7 had a few upgrades, they were more incremental, including improved battery performance and a new body. One piece of good news is that IHS Markit confirms that it is — in fact — water resistant.